Ch 13 Discharge Won't Affect Credit Score?

[BK_Broiler]

As I close in on the discharge to my 5-year plan (scheduled to complete in December 09), I am thinking that my credit score won't be impacted at all by the discharge. My credit score has slowly increased in the years since filing, and I don't think I will see a big jump until the BK is removed from my credit report completely (7 years from filing). Does this sound about right? Has anyone seen a spike in their credit score immediately after getting a Ch 13 discharge?

[Flamingo]

As I close in on the discharge to my 5-year plan (scheduled to complete in December 09), I am thinking that my credit score won't be impacted at all by the discharge. My credit score has slowly increased in the years since filing, and I don't think I will see a big jump until the BK is removed from my credit report completely (7 years from filing). Does this sound about right? Has anyone seen a spike in their credit score immediately after getting a Ch 13 discharge?

You will not see a "jump" but a gradual improvement and that is only if you are pristine with your credit and payments during that time. Do not have one late payment; do not apply for too muich credit. You will get acceptances but you will get more denials than acceptances. In April 2006 we refinanced to buy out of our Chapter 13. Our scores were in the 670's (4 years into our Plan). One year after discharge they were about 745. The Chapter 13 came off our records this past January but I have had no reason to check scores nor have we applied for any additional credit except for a Home Depot charge for which we were instantly approved. Time is your friend after your discharge; just be good with your payments and you should be absolutely fine by the time it is ready to come off your records.

[rrockinggramma]

my score did not change even 1 point. LOLOL

[anykey]

-- how would this matter when banks are not lending and most are not even solvent?

I think I want to see THEIR credit score. That and an audit of the federal reserve.

[Quse56]

@Flamingo: Did your trustees pay everything on time, per your credit report? My report is a little sketchy (granted I am just learning to read it) but am concerned that they are erratic in their payments and that it will affect my score negatively.

[rrockinggramma]

the trustee's payments are not noted on your credit report. Once you filed, all reporting on that debt by your creditors ceased. Once discharged they will reflect that you have a zero balance owed. If not, dispute with the bureau's. Make sure everything is accurate. To get more help try myfico.com. Their forums offer LOTS of help in cleaning up one's credit.